The Australian Dollar has now seen its likely nadir of 2018 after bottoming out at close to a year-long-low earlier in May, according to strategists at Commonwealth Bank of Australia, who argue the Antipodean currency should edge higher against the US Dollar and see only modest losses to Pound Sterling during the rest of the year.

The Australian Dollar bucked the trend and rose across the board Monday, even as other developed world currencies folded in the face of a resurgent US Dollar, but the latest forecasts from analysts at RaboResearch suggest these gains will be short-lived as the Aussie is likely to resume its downtrend before long.